Shipping through the Strait between Iran and Oman, which carries around one-fifth of oil consumed globally as well as large quantities of liquefied natural gas, has ground to a near halt after vessels in the area were hit as Iran retaliated against U.

The price of crude oil rose to $80 a barrel and the price of natural gas jumped 30% after Iran effectively sealed off the strategic Strait of Hormuz.

Brent crude and WTI futures fell back from highs early Wednesday on hopes that the U.S., Iran conflict won’t develop into a prolonged war.

Iran has declared the Strait of Hormuz closed and threatened to set fire to any ships that try to pass through as the widening war in Iran grinds tanker traffic through the crucial waterway to a halt.